Kingston Foreclosures

The Benefits of Buying Short Sales and Foreclosures in Kingston, MA

Kingston is a part of Plymouth County in Massachusetts. It is bordered by other towns, including Duxbury, Pembroke, and Carver, Other nearby places are Plympton, Plymouth, and Boston in which it is 35 miles south-southeast of the state capital.

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The town lies on the bay that it shares its name with and is an inlet to the Plymouth Bay. Massachusetts Route 3 or the Pilgrims Highway is at the eastern part of the area. It is a classic small place with a little bit of everything, including an ocean, easy access to the highway, a shopping mall, and a commuter rail stop.

The school district is also a significant selling point for the present and future residents here. The area, along with Halifax and Plympton, is a part of the Silver Lake Regional School District. Without a doubt, this place is very family-oriented, and it is quite quick to get in and out through Route 3.

To become a resident here, you need a house where you will live. The homes have an average value of $406,727, which is a 5.5% increase from last year. This rate may increase even more, according to experts, in the next few months with up to 3.5% hike by next year.

What You Need to Know about Short Sales and Bank-Owned Properties in This Town

The list price average in this area is $220 per square foot, which is much lower than Boston Metro’s average of $276 per square foot. However, some families cannot afford the homes here, especially in the ideal neighborhoods. One way to buy a property in this area is to look for a foreclosed home and give an offer.

The foreclosures in this town are equivalent to 10.7 per 10,000 properties. Additionally, you can find about 1.7% of homes in this area that has a problem with the mortgage payments. About 6.3% of homeowners are underwater on their mortgage. You can use these numbers to your advantage, particularly if you are considering buying a foreclosed home or even one that it is offered on a short sale.

One of the reasons why you may want to look at foreclosure is because the seller is often motivated to get rid of the property. He or she does not want to waste a lot of time by keeping the house on the market for several months. If it is short sold, the owner will most likely keep it on the market for just a few weeks to a month.

On the other hand, if the bank handles the sale, you will see the property for sale for up to two months or so. Some banks do not want to wait that long though, so they choose to have the home in an auction. As with other types of auction, interested buyers will provide their offers. The person who has the highest bid during the public sale will get the title of the property.

Due to the motivation of these sellers, as well as the banks, the buyers have the opportunity to purchase the home for an unbeatable price. It is difficult to find a house in this town that you can say is affordable. For example, this property in Bavarian Way that has four bedrooms and three bathrooms with a 2,138 square foot of living space would typically cost $470K+.

However, since this property’s owner could no longer afford to make payments, it was seized by the bank. Later on, it was declared foreclosed and was sold to a buyer who paid for it for only $430K.

Foreclosed homes, as well as short sale properties, are often sold immediately. Therefore, they can be a little challenging to locate. You can go to a bank and ask about the available distressed houses that they are currently selling. Often though, these homes are sold as-is. However, some sellers, particularly those who are short selling their home, are likely to do the repairs for you. It is especially true if the repairs required are minimal.

However, it does not mean that these foreclosed properties are not in good condition. Some may have some problems, but the neighborhoods in the town of Kingston have houses that do not even need repairs. Plus, you can have the home inspected before you purchase. You can also ask the seller to give you the complete history of the house, including its problems and repairs performed in the past.

A bank-owned house does not have the previous owners living in them, which is an advantage over a short sale. Typically, the seller or the homeowner is still in the house even while the short sale is going on. In this case, if you are in a hurry to move in, you may want to go for a bank-owned home. If you can wait, you can consider buying a property that is on a short sale.

Both a bank-owned home and a short sale give you the chance to increase your bargaining power because the sellers want to make a fast sale most of the time. Some people may advise you against purchasing a foreclosed home, but it is always possible to perform standard inspections before you close the deal with the seller. This way, you minimize the potential problems that may arise after the sale.

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